10-20 year finance in NZ or Aus?

[LuvSun]

I put this originally in the wrong thread. My bad.

One thing the US has is long term yacht loans. Up to 20 YEARS !!!!!

Lifes to short to save to upgrade my yacht, so Im looking to borrow $100k over 10 years. I can afford repayments easily but not the capital as all my capital is tied up in investments.

Anyone know of long term Lending down under in Aus or NZ for yachts?

[fxykty]

Least expensive loan for a boat and only way for a longer term in NZ is to borrow against the equity of your house, then apply that money to your boat. Buy the boat outright and pay off the loan on your house instead.

If no house, you’ll be likely looking at a 2nd or 3rd tier lender and your interest rate will be relatively high - at least double the home loan rate). In NZ max term for a marine loan is 5 years. AUS is a much larger market so take a look there.

However, which country do you live in and where will you keep your boat? You won’t get a loan on a boat in a different country.

[LuvSun]

Originally Posted by fxykty

However, which country do you live in and where will you keep your boat? You won’t get a loan on a boat in a different country.

Both, literally enjoy between contracts crossing the ditch for winter and working in Qld. You know Auck winter is just the best right? :-)

Yeah I had thought about approaching a broker in Aus.

[aussiemick01]

How did you go?